Take Stock – July 21

Motorists on Orr Drive should soon get relief from the vehicular coffee queue at the Tim Hortons near 67th Street. Red Deer’s municipal planning commission has given site development approval for the parking lot at the 6620 Orr Dr. Tim Hortons to be reconfigured. That will increase the circumference of the circular drive-through lane and allow it to accommodate more motorized customers.

The application, which was made on behalf of DJ Will Holdings Ltd., followed city council’s decision on June 1 to sell the road right of way north of the coffee shop and rezone it for commercial use.

The commission was told that the lineup of waiting vehicles sometimes impedes traffic on Orr Drive. It also heard that the expansion and reconfiguration of the parking lot will make it easier for walk-in customers to enter and exit parking stalls.

Agrium extends deadline on CF offer

Agrium Inc. (TSX:AGU) has extended the expiry date on its US$3.9 billion offer to buy CF Industries Holdings, Inc. (NYSE:CF) until midnight ET on Aug. 19, the Calgary-based fertilizer giant announced Monday. Agrium said about 10.4 million shares of CF common stock had been tendered as of Friday’s market close, about one-fifth of CF’s outstanding shares. The deal exchanges US$40 in cash plus one Agrium share for each CF share.

CF’s board has rejected Agrium repeatedly but the Calgary-based company has persisted and extended the offer deadline several times.

“Despite the fact that CF continues to ignore a clear mandate to conclude a transaction, we will continue to press CF to execute a mutually beneficial merger agreement,” said Agrium president and CEO Mike Wilson in a release.

Among CF’s objections to the deal is its contention that Agrium is making the offer to quash CF’s own hostile takeover bid for rival Terra Industries (NYSE:TRA).